On the 28th of March 2014 the Cyprus Government through the Ministry of Interior has announced changes to the criteria for granting the Cypriot citizenship by exception to foreign investors, in an effort to further promote foreign investment in Cyprus.
In this respect, the Cabinet has at its discretion the right to relax certain criteria regarding investment.
A- Ordinary Scheme
The applicant will be required to invest the amount of €5.0 million for one property (residence) or €5.5 million for multiple property purchases including one property (residence), of €0.5 million + VAT.
B- Collective Scheme
The applicant will be required to invest a reduced amount of €2.5 million for one property (residence), or a €3.0 million for multiple property purchases including one residential property of €0.5 million + VAT, on the basis that they are a participant in a collective investment scheme worth at least €12.5 million.
TERMS AND CONDITIONS
* Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
* Residence in the Republic of Cyprus: In cases of a multiple property purchases, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €0.5 million+ VAT.
Advantages of he Cyprus Investor’ passport scheme
1- The Cyprus Passport offers you with all advantages of being a European national, including among other the right to free movement, work and residing within all member countries of the European Union.
2- The whole family, including one lawful wife and the children up to 28 years of age which are depended on their parents, are entitled to be included to the investor’s application without having to increase the amounts invested.